Food giant Monde Nissin Corp. priced its initial public offering at P13.50 a share, bringing its total offer size to P55.89 billion.
The IPO was priced at the lower end of expectations. The company behind popular brands Lucky Me! instant noodles, Skyflakes and Fita crackers and Monde cookies, initially sought as much as P72.45 billion from the sale of 3.6 billion common shares at a maximum price of P17.50 apiece.
Apart from this, Monde Nissin has set aside 540 million shares for the over allotment option.
Sources said the IPO price was heavily reliant on cornerstone investors.
Despite its reduced offer price, Monde Nissin’s share sale would still be the largest stock market debut in the country.
The offer period will run from May 24 to 28 while the shares still start trading on the stock exchange on June 7.
UBS, Citi, Credit Suisse are JP Morgan are the joint global coordinators while BDO Capital ,BPI Capital Corp. and First Metro Investment Corp. are the local underwriters.